The flight-test networked iNET test system was in process of replacing the traditional PCM test system gradually ,and became the main structure of the current flight-test test system; the networked iNET test system had asserted a higher claim for multi-subject data-processing. Aiming at the characteristics of multi-subject data- processing, the article put forward a multi-subject data-processing method which based on analogue-PCM structure intermediate storage, used the mature PCM frame-form technology and analytic method, broke the traditional test mode of multi-subject data- processing; improved the multi-subject data-processing efficiency, and met the demand of multi-subject fast data-processing in modern flight test。